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Have a Medigap And Live Your Future Without Tension

Not having health insurance coverage is a very bad idea. Injuries are unpredictable and illnesses can strike at any time. Getting health care is by no means cheap and costs add up rather quickly. Not having health insurance can mean a financial wipe out if an unexpected accident or ailments should come up. Medical care is expensive and that’s why it’s so important for many people to find inexpensive health insurance. One such plan is Medicare supplement plan or better known as medigap insurance policy. This is made for supplementing original Medicare plan. Medicare is a social insurance program administered by the united state government, providing health insurance coverage to people who are aged 65 and over, or who meet other special criteria.

Some people elect to purchase Medicare supplemental plan, called Medigap insurance plans, to help fill in the holes in Original Medicare (Part A and B). These Medigap insurance policies are standardized by CMS, but are sold and administered by private companies. Some Medigap policies sold before 2006 may include coverage for prescription drugs. Medigap policies sold after the introduction of Medicare Part D on January 1, 2006 are prohibited from covering drugs. Medicare regulations prohibit a Medicare beneficiary from having both a Medicare Advantage Plan and a Medigap Policy. Medigap Policies may only be purchased by beneficiaries that are receiving benefits from Original Medicare (Part A & Part B).

Apart from twelve medigap plans from A to L plan M and plan N are the two new additions. Since 1992 the plans were the same but in 2010on 1st June these plans are included. In this article some talks on plan M and plan N medigap insurance plans. These two new plans provide a lower-premium alternative to the existing Medicare Supplements, and many feel that these new plans will gain traction as very popular choices in the Medicare Supplement marketplace, particularly with the upcoming major changes to the Medicare Advantage program.

Plan M, one of the two new standardized plans called plan M and plan N, uses cost-sharing as a method to keep your monthly premiums lower. What this means is that, in exchange for slightly lower monthly premiums, those on M would split the Medicare Part A deductible ($1068 in 2009) with the insurance company 50/50. The insurance company pays half, and you pay the other half. Plan M does not cover the Medicare Part B deductible at all; however, there are no doctor’s office co-pays after you meet the Part B deductible. Most analysts project this plan’s premiums to be around 15% lower than current F (most common plan) premiums. Plan N also uses cost-sharing as a method to reduce your monthly premiums. However, rather than uses the deductible-sharing method, like M, it uses co-pays to help reduce the premium costs.

But always notice carefully that you are having your necessities by doing a medigap Health Insurance Plans. Otherwise your applying for this will be not fruitful enough. You can take advice from medigap insurance advisors.

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